Daily Current Affairs – April 29, 2024
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Daily Current Affairs - Banking - April 29, 2024
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National News
Housing & Urban Development Corporation Ltd got Navratna Status
- The Department of Public Enterprises, Ministry of Finance granted the Navratna status to Housing & Urban Development Corporation Ltd (HUDCO).
- HUDCO functions under Ministry of Housing and Urban Affairs (MoHUA) and has its headquarters at New Delhi.
- Its motto is “Profitability with Social Justice”.
- The Company was incorporated as “The Housing and Urban Development Finance Corporation Private Limited” on April 25 1970, as a private limited company under the Companies Act, 1956.
- The Company was notified as a public financial institution under Section 4A of the Companies Act 1956 on December 9 1996, by the Department of Company Affairs, Ministry of Finance.
Indian Renewable Energy Development Agency Limited got Navratna Status
- The Department of Public Enterprises granted the Navratna status to Indian Renewable Energy Development Agency Limited (IREDA).
- With this there are currently 19 Navratna Companies in India.
- India’s central public sector enterprises (CPSEs) are classified into three major categories – Miniratna (I & II), Navratna and Maharatna
- Public sector unit that have a Miniratna-I status and have obtained an “Excellent” or “Very Good” MoU rating in three out of the last five years and have a composite score of 60 or more in six selected performance indicators are eligible to be considered for a “Navratna” upgrade.
- The six parameters are: Net Profit to Net Worth, Manpower Cost to Total Cost of Production, PBDIT to Capital Employed, PBIT To Turnover, Earnings Per Share and Inter-Sectoral Performance.
- Indian Renewable Energy Development Agency Limited (IREDA) – 1987 (Formed) – New Delhi (HQ) – Pradip Kumar Das (Chairman & MD)
International News
India and Bangladesh To Renew Collaboration On Civil Service Training
- A delegation from India’s Department of Administrative Reforms and Public Grievances (DARPG) is in Bangladesh to bolster bilateral ties and enhance capacity-building efforts.
- During the three-day visit the discussions will focus on the renewal of the Memorandum of Understanding (MoU) between India’s National Centre for Good Governance (NCGG) and Bangladesh’s Ministry of Public Administration.
- The MoU, initially signed in 2014, facilitates capacity-building programs for civil servants in Bangladesh.
- Since the MoU was signed, a total of 71 capacity-building programs have been conducted, benefiting 2600 civil servants in Bangladesh.
- The country has shown a keen interest in renewing the MoU for another five-year period, extending until
- Bangladesh – Dhaka (Capital) – Taka (Currency) – Mohammed Shahabuddin (President) – Sheikh Hasina (Prime Minister) – Bengali (Official Language)
Banking and Finance
ADB approved $23.6 Billion for Asia and the Pacific region
- The Asian Development Bank (ADB) committed $23.6 billion from its own resources in 2023, including $9.8 billion for climate action, to help Asia and the Pacific progress on sustainable development.
- The $23.6 billion comprised loans, grants, equity investments, guarantees, and technical assistance provided to governments and the private sector. Supplementing its own resources, ADB mobilized an additional $16.4 billion in co-financing through its strong partnerships.
- Asian Development Bank (ADB) – 19/12/1966 (Founded) – Mandaluyong, Philippines (HQ) – Masatsugu Asakawa (President) – 49 countries (Regional members) & 19 countries (non regional members)
Business and Economy
CRISIL Report: Indian Companies' Revenue Growth Dips to Lowest Since September 2021
- According to the report by CRISIL, India Inc is likely to log 4-6 per cent revenue growth in the January-March quarter of 2023-24, marking the slowest quarterly growth since recovery from the Covid-19 pandemic which began in September 2021.
- The report is based on an analysis of 350 companies which exclude financial services and oil and gas sectors firms.
- Among the 47 sectors monitored by CRISIL, only 12 are expected to have clocked an improvement in revenue growth both sequentially and on-year for the quarter.
- The organised retail sector, grew for the thirteenth quarter in a row, on healthy urban demand.
- Discretionary services, such as airlines and hotels benefited from MICE (meetings, incentives, conferences and exhibitions), weddings and rebound in corporate travel.
- Revenue from construction-linked sectors is expected to have grown at a tepid pace, essentially on account of a high base of the fourth quarter of fiscal 2023 that saw construction companies achieving their highest quarterly revenue.
- The cement sector, despite steady demand momentum during the quarter, recorded moderate revenue growth as prices remained under pressure amid higher supply and intense competition.
- India Inc. is a common term used by the Indian media to refer to the formal (comprising government and corporate) sector of the nation and it merely stands for India Incorporated, or the corporate India.
Summit & Conference
Ministry of Mines organizes Critical Minerals Summit
- Ministry of Mines organized Critical Minerals Summit to foster collaboration, sharing knowledge and driving innovation in the field of critical mineral beneficiation and processing in New Delhi.
- The summit will bring together industry leaders, startups, government officials, scientists, academics, and policy experts to discuss and deliberate upon the key challenges and opportunities in the field of critical mineral beneficiation and processing.
- The summit will focus on the advancement of commercially viable and environmentally sustainable solutions to address the critical materials challenges faced by the country.
- The event will also provide an opportunity for participants to share knowledge and promote collaboration in the field of critical minerals processing.
- A memorandum of understanding (MoU) was exchanged between the Ministry of Mines and Shakti sustainable energy foundation along with Council on Energy, Environment and Water and Indian Institute of Sustainable Development during the session.
- This deal aims to provide knowledge support in critical minerals which are crucial for the nation’s economic development, national security and low-carbon transition.
- Exhibition pavilions displaying minerals excavated from earth and ocean were also set up at this strategic summit.
Nature
ISRO: Satellite imagery shows significant expansion in 27% identified glacial lakes in Himalayas
- According to Indian Space Research Organisation (ISRO), satellite data archives spanning the past three to four decades provide valuable insights into changes occurring in glaciated environments, and long-term satellite imagery covering the catchments of Indian Himalayan river basins from 1984 to 2023 indicates significant changes in glacial lakes.
- Of the 2,431 lakes larger than 10 hectares identified during 2016-17, 676 glacial lakes have notably expanded since 1984, and specifically, 130 of these lakes are situated within India, with 65, 7, and 58 lakes located in the Indus, Ganga, and Brahmaputra River basins, respectively.
- Among the 676 expanding lakes, the majority of them are Moraine-dammed (307) followed by Erosion (265), other (96), and Ice-dammed (8) glacial lakes, respectively.
- It added that long-term changes in the Ghepang Ghat glacial lake (Indus River Basin) at an elevation of 4,068 m in India’s Himachal Pradesh show a 178 percent increase in size from 49 to 101.30 hectares between 1989 and 2022.
- Indian Space Research Organisation (ISRO) – 15/08/1969 (Founded) – Bangalore, India (HQ) – Sreedhara Somanath (Chairman)
Power
Kundan Green Energy Secures 42 MW Hydropower Project in Uttarakhand
- Kundan Green Energy has secured approvals for setting up a 42 MW hydropower project at Okhali in
- The Okhali project is part of an agreement with the Uttarakhand government signed last year to develop a total of 80 MW greenfield hydropower capacity in the state at an investment of ₹1,000 crores.
- The project will be completed by
- Once commissioned, the Okhali project will take the combined hydropower capacities of the company to 270 MW from the present 104 MW (Megawatt).
Appointments
Pakistan’s Foreign Minister Ishaq Dar appointed as Deputy Prime Minister
- Pakistan’s Foreign Minister Ishaq Dar was appointed as the country’s Deputy Prime Minister.
- He has served as Finance Minister in two previous governments.
- Pakistan – Islamabad (Capital) – Pakistani rupee (Currency) – Asif Ali Zardari (President) – Shehbaz Sharif (Prime Minister) – Urdu (Official Language)
Sunil Kumar Yadav appointed as Director of MoHUA
- Department of Personnel & Training (DoPT), has selected Sunil Kumar Yadav as Director in the Ministry of Housing & Urban Affairs (MoHUA) under the Central Staffing Scheme for a period of five years from the date of taking over charge of the post or until further orders, whichever is earlier.
Obituary
BJP MP V Sreenivasa Prasad passes away
- Former Union minister and BJP MP V Sreenivasa Prasad passed away at the age of 76.
- He had served as an MP six times from Chamarajanagar and held the position of MLA from Nanjangud in Mysuru district for two terms.
- Additionally, he served as the Union Minister of State for Consumer Affairs Food and Public Distribution in the Atal Bihari Vajpayee government from 1999 to 2004.
Sports News
India's Velavan Senthilkumar Wins Batch Open Squash
- India’s Velavan Senthilkumar beat Frenchman Melvil Scianimanico and secured his eighth Professional Squash Association Tour title by winning the Batch Open Challenger at Paris, France.
- France – Paris (Capital) – Euro (Currency) – Emmanuel Macron (President) – Élisabeth Borne (Prime Minister) – French (Official Language)
Important Days
International Sculpture Day 2024 is observed on April 27
- International Sculpture Day or IS Day is observed on the last Saturday of April every year.
- This year the day falls on April 27.
- The day was celebrated to raise awareness about the art of sculpture and encourage people to explore and appreciate its many expressions.
- The day was first established in 2015 by the International Sculpture Center (ISC).
International Dance Day 2024 is observed on April 29
- International Dance Day is annually observed on April 29.
- The Day was created to celebrate dance as an art form and to promote its importance worldwide and also chosen to commemorate the birthday of Jean-Georges Noverre, a French dancer and ballet master often credited as the creator of modern ballet.
- The day was established by the Dance Committee of the International Theatre Institute (ITI).
- The first International Day of Dance was celebrated in
- International Theatre Institute (ITI) – 1948 (Founded) – Paris, France (HQ) – Tobias Biancone (Director General)
Defence
Indian Navy Participates in Maritime Partnership Exercise with UK’s Littoral Response Group
- Indian Navy’s indigenous stealth frigate, INS Sahyadri participated in the Maritime Partnership Exercise with Royal Navy’s RFA Argus and RFA Lyme Bay, part of the UK Littoral Response Group South.
- The exercise, which took place aimed to enhance interoperability and strengthen maritime cooperation between the two nations.
- Exercise Highlights include Tactical manoeuvres, Boarding operations, Surface engagement against simulated asymmetric threats, Cross-deck visits, and Cross-deck helicopter operations.
- United Kingdom – London (Capital) – Pound Sterling (Currency) – Charles III (Monarch) – Rishi Sunak (Prime Minister) – English (Official Language)
Daily Current Affairs - April 29, 2024 - Consolidated
- Housing & Urban Development Corporation Ltd got Navratna Status
- Indian Renewable Energy Development Agency Limited got Navratna Status
- India and Bangladesh To Renew Collaboration On Civil Service Training
- ADB approved $23.6 Billion for Asia and the Pacific region
- CRISIL Report: Indian Companies’ Revenue Growth Dips to Lowest Since September 2021
- Ministry of Mines organizes Critical Minerals Summit
- ISRO: Satellite imagery shows significant expansion in 27% identified glacial lakes in Himalayas
- Kundan Green Energy Secures 42 MW Hydropower Project in Uttarakhand
- Pakistan’s Foreign Minister Ishaq Dar appointed as Deputy Prime Minister
- Sunil Kumar Yadav appointed as Director of MoHUA
- BJP MP V Sreenivasa Prasad passes away
- India’s Velavan Senthilkumar Wins Batch Open Squash
- International Sculpture Day 2024 is observed on April 27
- International Dance Day 2024 is observed on April 29
- Indian Navy Participates in Maritime Partnership Exercise with UK’s Littoral Response Group
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